I don't know whether this is related to t-bills being issued with negative interest, but I would suspect so. (The overnight fell to .12% two nights in a row, another few huge misses from the supposed target of 1.00.) This implies that the Federal Reserve sees deflationary rates and is trying to respond with again yet more "liquidity" to raise those rates by increasing supply - but it's still not triggering any lending.

I'm not the only one watching the M1 anymore; so's Mish. But he also notes that very little base money is making its way all the way into the M1. I think he does a disservice by ignoring the asymptotic spike on the Fed base money year-to-year graph, because I don't think it compares well to the 1929 spike, which was much smaller, even if the leadup line is very, very similar.

The Civil Aviation Administration of China (CAAC) said it "encourages" airlines to cancel or defer taking delivery of new planes next year, and asked them to make best use of their existing fleets of more than 2,000 planes.